Property prices have soared more than 10 per cent each year for a decade in Monash.

by | Aug 29, 2016 | property

This article was first published by Charlotte Durut, News Corp Australia Network, News Corp Australia Network Image: This property, 14 Mummery Street in Mt Waverley sold for $1.605 million this year. Sourced: HeraldSun.com.au


MONASH has confirmed its reputation for being home to blue chip real estate with four suburbs recording a more than 10 per cent increase in value every year for a decade.


The latest new CoreLogic figures reveal Monash boasts four of Melbourne’s top 10 property performers over the past decade, with median house prices in some suburbs now double that of the Melbourne-wide average.


Beaten only by Dandenong South and Armadale, Mt Waverley and Glen Waverley house prices have jumped an average of 11.3 per cent each year for the past decade, to $1.27 million and $1.275 million respectively.


SUBURB PROFILE: Mt Waverley, Glen Waverley


Close behind were Ashwood and Clayton, where median prices have shot up by 11.1 per cent to $1.188 million and $995,673.


This compares to a Melbourne-wide average increase of 6.2 per cent in the same period, with the city’s median house price now sitting at $605,000.


Harcourts Mt Waverley director Martin Giles said it was a “whole lot of little things” — including schools such as Wesley College, Caulfield Grammar, Huntingtower School, and Glen Waverley and Mt Waverley secondary colleges — that made Monash so popular.


“Monash has a variety of property styles, very good freeway access to the city and a very reliable transport route,” he said.


“People know they have a solid investment here.”


Mr Giles said he didn’t believe such impressive growth, especially in Mt Waverley and Glen Waverley, would change in the future.

“As a real estate agent, I’m still regularly surprised by what auctions are obtaining.


“A home I auctioned about three weeks ago at 14 Mummery St, Glen Waverley was bought for $300 in 1956.


“It was very original but we had four or five bidders wanting it and it sold for $1.605 million.”


Ross and Lorraine Wilkerson also recently sold their home at 3 Gunther Court, Mt Waverley.


After buying the 706sq m block 45 years ago for $4500, they sold it on August 15 for $875,000.


“Both our kids went to school in the area and we’ve liked the very good community spirit in Mt Waverley, which has only diversified over the years,” Mr Wilkerson said.


McGrath Waverley director and auctioneer Con Lazogas said as well as being surrounded by the best schools and shops, Mt Waverley and Glen Waverley were also at the centre of Melbourne.


“Anywhere in Melbourne is 20-30 minutes away — the Dandenongs, the city and the bayside,” he said.